SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 6 - PROVISIONS RELATING TO GOVERNING RULES OF SUPERANNUATION ENTITIES  

SECTION 54B   CIVIL AND CRIMINAL CONSEQUENCES FOR CONTRAVENING SECTIONS 52 AND 52A COVENANTS  

Section 52 covenants

54B(1)  
A person must not contravene a covenant that:


(a) is to the effect of a covenant set out in section 52 ; and


(b) is contained, or taken to be contained, in the governing rules of a superannuation entity. Section 52A covenants

54B(2)  
A person must not contravene a covenant that:


(a) is to the effect of a covenant set out in section 52A ; and


(b) is contained, or taken to be contained, in the governing rules of a superannuation entity. Contravention has civil and criminal consequences

54B(3)  
Subsections (1) and (2) are civil penalty provisions as defined by section 193 , and Part 21 therefore provides for civil and criminal consequences of contravening, or being involved in a contravention of, those subsections.

54B(4)  
A contravention of subsection (1) or (2) does not result in the invalidity of a transaction.

54B(5)  
This section does not limit the operation of section 55 .

Note:

A contravention of subsection (1) or (2) may result in an action to recover loss or damage under section 55 .




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